Day: February 2, 2024
Gold prices took a nosedive following the release of January’s Nonfarm Payrolls (NFP) data by the United States Bureau of Labor Statistics. The report revealed a staggering 353K new hires, surpassing the consensus of 180K and December’s 216K fresh payrolls. Despite investor expectations for a slight uptick to 3.8%, the Unemployment Rate held steady at […]
USD Lower Ahead of NFP Ahead of the latest US jobs data due today, the US Dollar has turned lower. The move comes despite the Fed this week pushing back against near-term rate-cut calls. The sell-off is partly linked to position covering ahead of the data. With a weaker figure expected on the headline NFP […]
The main currency pair is on the rise on Friday. The current EURUSD exchange rate stands at 1.0880. Today promises to be a significant day for currency investors as the US prepares to release employment market statistics for January – and more. Per average expectations, the unemployment rate increased to 3.8% last month from the […]
Brent Brent quotes have broken below the 200-day Moving Average on H4, indicating the potential development of a downtrend. However, the RSI is approaching the oversold area. As a result, in this situation, the price is expected to test the 2/8 (78.12) level, rebound from it, and rise to the resistance at 3/8 (79.69). The […]
Daily Market Outlook, February 2, 2024 Munnelly’s Market Minute…“Mega Tech Earnings Boost Equities, Focus Shifts To Jobs Data” Prior to the release of the monthly US labor report later today, most equity markets in the Asia-Pacific region are experiencing gains. This is due to strong performances in the tech sector after the US market closed,both […]
Pound Pushing Higher GBP is rallying on the back of yesterday’s BOE meeting, creating some interesting opportunities across the FX space. The reaction might appear at little counter-intuitive given the more dovish tone to the meeting. Dovish Twist The bank held rates unchanged, as expected, yet sounded more optimistic over the prospect of returning inflation […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed a Hammer reversal pattern on H4. Currently, the instrument could go by the reversal signal in an ascending wave. The correction target might be the 1.3420 level. Subsequently, the price could rebound and maintain downward momentum. However, the quotes might fall to 1.3325 without a correction. […]
NZDUSD, “New Zealand Dollar vs US Dollar” NZDUSD is rebounding from the upper boundary of the descending channel. The pair is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Cloud’s upper boundary at 0.6105 is expected, followed by a rise to 0.6265. An additional signal confirming the rise could be […]
BOE Up Next Following on from the Fed yesterday, the BOE will step into centre stage today. Given the building speculation around anticipating the first 2024 central bank rate cuts, there is plenty of attention on today’s meeting and plenty of volatility risk consequently. Despite the recent uptick in UK inflation, which rose last month […]
Nasdaq Pulls Back On the back of the Alphabet and Microsoft reporting earlier this week, the focus moves back onto big tech names today with Apple, Meta and Amazon all reporting Q4 results. The Nasdaq has turned lower in recent days following a negative market reaction to Tuesday’s results. Despite both companies topping forecasts on […]